"For colleges and universities to be safe spaces for learning and self-development, institutions must ensure student safety -- a part of which is being transparent about incidents on their campuses. Disclosing this information is the law," U.S. Education Under Secretary Ted Mitchell said in a statement Thursday.

The Clery Act requires colleges and universities to report publicly each year the number of criminal offenses on campus. Schools have to give the information to the Department of Education [DOE], which then provides it to the public.

The $2.4 million fine is the largest ever levied by the DOE, nearly seven times the highest fine to date, which was $350,000 against Eastern Michigan in 2007.

Penn State officials did not want to comment before thoroughly reviewing the DOE's 239-page report. Their statement expressed regret for the past and vigilance in the future.

"Today, Penn State has robust Clery training and collection processes in place. We have many initiatives, including 18 focused on fighting sexual assault and misconduct, with the creation of new positions, mandatory employee training, a universal hotline and many others. Part of our process includes regular evaluation of our efforts, the analysis of best practice and incorporation of learnings into our operations," the statement read, in part with a link to the school's "major efforts."

To date, the scandal has cost the school upwards of $100 million in lawsuit settlements to victims and their families, legal fees and penalties assessed by the NCAA, according to a report in the New York Times.